Credit Suisse obtains key approval to launch wealth business in China

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Credit Suisse has received regulatory green light from China after years of waiting to launch a full-fledged wealth management business in the world's second-biggest economy, according to a company memo reviewed by Reuters.

"We are pleased to have received these licenses as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world," Edwin Low, APAC CEO of Credit Suisse told Reuters in an email statement.

Credit Suisse "plans to double the number of relationship managers in China in 2023," said Benjamin Cavalli, the company's head of wealth management for Asia Pacific, without providing details on how many relationship managers it currently has. The boost of wealth headcounts comes in sharp contrast to a layoff it launched in November following a global overhaul since October that led to spinoffs and job cuts.the move affected about one-third of its China-based investment banking team and nearly half of its research department which are based in Hong Kong and China.

Total assets at Credit Suisse's wealth division fell to 540.5 billion Swiss francs by the end of last year from 742.6 billion francs a year earlier.Reporting by Selena Li; Editing by Simon Cameron-Moore

 

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Another company strengthening an adversary? Do they think they can buy insurance to cover the rage that will occur if we go to war with a place like CCP-China, & countries/corporations profited from cuddling with them.

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